We’ve just released our 2Q21 market surveys and all three sectors are reporting a reduction in vacancy.
Remarkable statistics considering the economic storm we’ve been passing through!
It appears that our resource rich economy is only going to continue to improve with the recent upcycle in commodity markets.
International demand for food, fertilizer and fuel have turned the corner after a slow 2020.
Let’s take a look at each sector individually.
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Saskatchewan has entered step three of our reopening plan and most restrictions from public health orders have been lifted.
But does that mean we should all go back to business as usual?
I think there are a few pandemic measures we could all just continue with.
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As a Commercial Real Estate Broker, it’s my job to prepare my clients.
Typically, there is a process they will need to go through to complete a lease or purchase.
The purpose of my focus here is to provide an overview of the steps necessary to mortgage commercial real estate.
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It’s easy to get skeptical about leasing commercial real estate with all the media reporting business doom and gloom during the pandemic.
Well I’m here to tell you, not only is their rising hope on the horizon but things aren’t near as dicey as some think.
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Any discussion on cap rates needs to be prefaced with a cautionary note.
That is, there are many factors that determine capitalization rates on a commercial real estate investment.
Those factors include but aren’t limited to age and condition of improvements, covenant of tenants, term of leases, location, asset class and the tenant mix.
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Administration at Prairieland Park has disclosed they have endured ongoing losses at Marquis Downs over $500,000 annually during the last five years prior to the pandemic.
With no place to relocate, this will effectively end professional horse racing in Saskatchewan.
There seem to be a lot of mistruths circulating about whether or not Prairieland has the authority to discontinue the sport on their site.
You bet they can.
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In many larger jurisdictions, commercial brokers focus on one asset class such as office, industrial or retail.
They do that because they know that to service their clients, it’s necessary to have a high degree of knowledge in one area.
In Saskatchewan we do not have that luxury.
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Saskatchewan’s premier Scott Moe is optimistically eying reopening our province (again) to business despite some of our neighbouring provinces tightening down.
As much as I strongly believe safety is a high priority, I also believe salvaging our economy is just as important.
So what does Moe’s re-open plan mean for business?
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Have you ever found yourself in a situation where you believed that it was in the best interest of someone you know to plan for change, but failed to convince them of your belief?
Sometimes thoughtfully framed stories can be more impactful than our best efforts to convince.
Let me explain.
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While we saw quarter over quarter decreases throughout 2020, the drop in Saskatoon’s industrial vacancy for the last three months has exceeded my prediction for the entire current year.
The industrial sector has seen a net absorption of almost 150,000 square feet (SF).
In January, I forecasted we would be at 4.8 per cent by year end.
Our recently released Industrial Market Report recorded that rate had already dropped to 4.71 per cent. That represents over a 60-basis points reduction within one quarter.
My review of the market stats would indicate that is the largest quarterly drop we have seen in over 10 years.
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